PART XIII - PAYMENT OF POLICY MONEYS UNDER A LIFE POLICY OR PERSONAL ACCIDENT POLICY
Section 165. Payment of policy moneys where there is nomination.
(1) Subject to subsection (2), where a policy owner dies having made a nomination, the licensed insurer shall pay the policy moneys of the deceased policy owner according to the direction of the nomination upon receipt of a claim by the nominee and the claim is accompanied by proof of death of the policy owner.
(2) Where a nominee fails to claim the policy moneys within sixty days of the licensed insurer becoming aware of the death of the policy owner, the licensed insurer shall notify the nominee in writing at his last known address of his entitlement to claim the policy moneys.
(3) Where a nominee fails to claim the policy moneys within twelve months of the licensed insurer becoming aware of the death of the policy owner despite notification under subsection (2), section 169 shall apply as though no nomination was made.
(4) Where a nominee, other than a nominee under section 166, dies after the death of the policy owner but before any policy moneys has been paid to him as nominee, section 164 or 169 shall apply to the policy, as the case may be.